ING buys Santander Latam pension unit
ING has agreed to take over the Latin American pension activities of Spanish bank Santander for €960m. The takeover will be paid for in cash.
The pension company has some 5.5 million customers and invested assets of just over €10bn.
Santander is currently involved in a bidding war for ABN Amro but said this divestment was not necessary to raise cash for the takeover.
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